SoftBank collaborates with Oravel to Check into the premium hotel segment

By siliconindia  |  Thursday, 21 September 2023, 03:40:48 PM IST

SoftBank collaborates with Oravel to Check into the premium hotel segment
Japanese technology investor SoftBank and Oravel, the parent company of OYO, have collaborated to create a joint venture (JV) named Mountain, aiming to introduce a premium hotel chain in India. The new venture, operating under the brand name ‘Sunday,’ will focus on establishing 5- and 4-star hotels in rapidly growing Tier II Indian cities.
While details about the joint venture’s objectives have not been officially disclosed, a source close to the development informed YourStory that the partnership aims to redefine the luxury hotel experience for travelers in India. However, none of the involved parties have officially commented on this collaboration.
The inaugural Sunday hotel has been inaugurated in Jaipur, strategically located in the city center, providing convenient access to key landmarks, including the airport and railway station. The hotel boasts an inventory of 90 rooms, complemented by facilities such as a bar, restaurant, spa, and meeting spaces.
The SoftBank-Oravel Stays JV plans to launch an additional four Sunday hotels by the end of 2023. As the source revealed, the premium travel sector in India has been experiencing significant growth, with consumers increasingly favoring high-end offerings. Furthermore, non-metro first-tier cities, and more recently, second-tier cities, offer a favorable combination of rising affluence and limited competition in the premium hotel segment, along with attractively priced hotel assets.
The management of the Sunday hotel chain will fall under the purview of Oravel, the JV partner, utilizing its operational entity, while capital investments will be facilitated by the JV. This partnership leverages SoftBank’s existing hotel JV with Oravel in Japan, known as Tabist, in which both partners hold a 49.9% stake.

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